The Ready To Eat (RTE) food market refers to various packaged and shelf-stable food products that can be eaten without any additional preparation. Such foods provide convenience and fill an important need for nutrient intake on-the-go. Popular RTE foods include frozen meals, canned foods, snacks, baked goods, breakfast cereals and desserts. The global RTE food industry is witnessing strong momentum as more people demand quick and easy meal solutions amid their hectic lifestyles.
The Global Ready To Eat Food Market is estimated to be valued at US$ 182.45 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Ready To Eat Food market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc. The key opportunities in the market include product innovation through healthier ingredients, customization options and attractive packaging. With rising global disposable incomes and expanding retail landscapes, companies are exploring high-potential developing regions of Asia Pacific, Latin America, Middle East and Africa for international growth.
Market drivers
The primary driver for the ready to eat food market is the increasing demand for convenient food options among fast-paced consumers. With more people leading busy lifestyles, the market provides nutritional meals and snacks that save time on preparation. Ready to eat foods are ideal for on-the-go eating occasions as well as quick home meals. The market is also fueled by innovative new products catering to the evolving tastes of health-conscious consumers. Advances in processing and packaging technologies further aid food safety and longer shelf-life of RTE products.
PEST Analysis
Political: The Ready To Eat Food Market Demand is regulated by various food safety and labelling laws implemented by governments globally. Changes in these regulations could impact manufacturers.
Economic: Factors such as rising disposable incomes, dual income households and busy lifestyles are positively impacting the demand for ready to eat foods. However, economic slowdowns may negatively impact consumer spending on these products.
Social: Ready to eat foods are gaining popularity due to changing consumer lifestyles and preferences. Busy schedules and desire for convenience are driving consumers to opt for these timesaving food options.
Technological: Advancements in food processing and packaging technologies are enhancing the shelf life of ready to eat foods without refrigeration. Companies are developing innovative products using these technologies.
Geographical Regions with high Market concentration
North America and Europe currently account for over 60% of the global ready to eat food market value owing to high disposable incomes and growing demand for convenience foods in these regions. The U.S. alone contributes to over 25% of the total market value due to presence of major manufacturers and large health conscious consumer base.
Fastest Growing Regional Market
The Asia Pacific market is expected to be the fastest growing regional market during the forecast period. Factors such as rising incomes, growing working population, increasing urbanization and western influence on diets are driving the demand for ready to eat foods in countries like India and China. China represents over 20% of the Asia Pacific market value currently.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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